A car loan is an example of a closed-end credit transaction.

Name: A car loan is an example of a closed-end credit transaction.
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A car loan is an example of a closed-end credit transaction because it involves borrowing a fixed amount of money to purchase a specific item (in this case, a car) and paying it back over a fixed period of time with interest. Once the loan is repaid, the transaction is closed and cannot be used again.

A Car Loan Is an Example of a Closed-End Credit